Let's talk a little bit about why FOX Bet, previously known as BetStars, will be such a big deal for legal sports betting. BetStars is owned by The Stars Group, a Canadian company that is popular in Europe and known here in the U.S. for its popular Poker Stars brand. They launched a sports betting app in New Jersey last September, which struggled to gain a foothold in the market. Marketing efforts were misunderstanding of the U.S. market, and there were initial issues with deposits and payments, and even with some bets being accepted.
However, BetStars is a popular brand with what I feel is a simplistic but easy-to-use user interface. Partnering with FOX will instantly propel them to be one of the top sports betting brands. A recent article by Bloomberg cited a FOX-supplied stat that said betters were twice as likely to bet with the FOX Bet app compared to DraftKings or FanDuel. Now, this might strictly be brand recognition, but the point remains that having the backing of FOX, who's going to promote FOX Bet during NFL, college basketball, and all of the other sports rights broadcasts it has including Major League Baseball and the World Series, will instantly give it a fighter's chance in New Jersey, and now in Pennsylvania where BetStars has a partnership with Mount Airy Casino and Resort.
So we feel FOX Bet will wind up being one of the leaders in online sports betting in the U.S., at least until NBC or ESPN Disney decide to partner with the Sportsbook and launch their branded apps. This may also allow for live-streaming within the app that could allow betting in real-time. FanDuel and Sportsbook have dipped their toes into this with live-streaming tennis that you can bet on, but sports rights are much harder and more expensive to come by in the U.S. for the major four sports, and FOX has quite a few of them. FOX Bet is one to look out for.